SINGAPORE (ICIS)--CFR (cost & freight) China prices for Group II base oils have dropped to a 10-year low in mid-May. On 22 May, import prices for Group II base oil N150 averaged $350/tonne CFR China, down by $265/tonne from the beginning of the year.
In this episode of the ICIS Asia podcast, Jady Ma speaks with Whitney Shi, editor for the ICIS China Base Oils report on recent trends and outlook.
- China Group II base oil prices dropped to a 10-year low
- Demand from lube companies gradually recovers
- China base oil imports may rebound in May and June
- China local refiners will run at high rates as robust margins from low crude prices